Avoid a School Budget Crisis with Asset Inventory Management

Each year, school districts are tasked with managing thousands of assets such as computers, textbooks, furniture, vehicles and more. Being unable to track fixed assets can result in billions of dollars wasted. As we work through closing out one budget season and moving into the next, many school districts face a similar question: How to make up for shortfalls in the budget without cutting into educational opportunities for students. A regularly overlooked way to save money well into the future is having an inventory management system to control expenditures.

When it comes to education, there is always some sort of budgeting crisis and there are never enough resources. If educators fail at managing their resources, they fail their students. An article for The Atlantic highlights why schools need up-to-date textbooks and functioning technology has become all important as districts implement blended learning using both physical and virtual materials. For these reasons, it is essential that school districts know what resources they already own, where their inventory is at all times, and who is responsible for it.

Stretch Your Budget with Asset Management

Utilizing an asset management software solution across all departments and schools, administrators have complete oversight into district inventory. This not only enables districts to provide teachers and students with the technology they need, when they need it, but also provides a complete picture of what’s in a district’s inventory and a better understanding of how money is distributed.

Asset management allows schools to know where their assets are, particularly if it is a shared asset. Administrators can see where and by whom the asset was last checked out, ensuring the district is able to locate the device. Additionally, an asset management system makes it easier for school districts to track asset depreciation and accurately forecast tech refreshes. Districts will also be able to easily track needed maintenance to ensure the asset lasts as long as possible.

Save On Textbook Inventory

Similarly, when school districts invest in an instructional materials management solution, it reduces textbook loss by allowing school districts to view total inventory, surplus storage, and eligibility needs based on real-time enrollment. Keeping up with these needs also allows for proper forecasting of future textbook purchases – ensuring appropriate expenditure of budget on textbooks for each fiscal year. By implementing a system to manage instructional materials, Dallas Independent School District was able to save over $900,000 with increased inventory accountability.

Rethink Your District Budgeting Practices

Access to accurate data for all district property is the key to successful budgeting and preparation for the next fiscal year and implementing a system that gives insight into availability is the easiest way to know where, when, and how district budgets should be spent in order to create a learning environment conducive to top-notch education. The best inventory management software will be designed for K12 schools and include barcode capabilities to speed up processes like inventory check-in/out to students and staff, digital asset transfer forms with approvals, and audit reconciliation capabilities. How does your district track its inventory? See how your district can save here.

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